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Predivorce planning may save frustration down the road

In spite of the best intentions and efforts, not every marriage will survive. In fact, the current statistics indicate that close to half of all marriages will end in divorce. Couples in Georgia that fear their relationship is also in danger may benefit from predivorce planning that could make the split less frustrating down the road.

One of the first steps that might give a spouse the edge may be to determine each spouse's net worth and debts. It may also be beneficial to make copies of all financial documents and then place these copies in a secure location. Additionally, a full accounting of household expenditures and income could be configured using software designed for such purposes. It may be helpful as the divorce proceeds to have a printed record of all assets and from where they are derived.

This is also a good time to discern each purchase in an effort to reduce debt and possibly prevent accumulating more. It may be helpful to keep all receipts and use easily tracked forms of payment in order to have financial information at one's fingertips. Now may also be a good time to establish one's own credit and cash reserves. Joint accounts may not be accessible once the divorce is underway.

The process of divorce is an emotionally challenging time. Taking the time to engage in some predivorce planning may work to ease the stress of dividing household affairs. Georgia residents who are in the beginning stages of dissolving their union can seek additional information and support through local resources who are skilled in all of the complexities of divorce.

Source: financialpriorities.net, "Financial Priorities: Pre-Divorce Planning", Nov. 28, 2014

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